Non-banking financial company (NBFC) Finodaya Capital has raised $2.5 Mn (around INR 21.3 Cr) in its seed funding round led by White Venture Capital, along with participation from Gemba Capital and a clutch of angel investors.
Finodaya received its NBFC licence from the Reserve Bank of India (RBI) last week.
“Business loans to micro and nano enterprises is a fast growing market which needs tailor made solutions to fulfil its credit needs, we strive to bridge this gap by working on a High Touch – High Tech model offering customised secured lending solutions,” Finodaya said in a LinkedIn post.
This investment will fuel the company’s vision to “ work towards building a fair, transparent, and customer-first NBFC,” the post added.
Founded by former ICICI Bank executives Neeraj Biyani, Abhitabh Dixit and Lokendra Tomar, Finodaya Capital aims to provide secured loans to small businesses by leveraging data analytics.
The development comes on the back of a host of new players entering the NBFC segment. Last week, fintech startup TapFin to offer financing solutions for cleantech businesses.
Last month, Supply chainand WestBridge Capital-backed lending tech startup NBFC licences from the central bank.
Around the same time, fintech giant Jio Financial Services (JFS) infused INR 1,000 Cr in its NBFC vertical. Similarly, used-car marketplace unicorn Spinny also bagged $131 Mn (about INR 1,121 Cr) in a round led by US-based Accel Leaders Fund to expand its newly launched NBFC arm.
Besides, fintech player in its NBFC Newtap Finance Pvt Ltd (NFPL).
With new players entering the market, RBI is also strengthening its policies and taking action against NBFCs on violations.
Last month, the of INR 76.60 Lakh on four NBFC lending platforms including Faircent, Visionary Financepeer, Finzy and Rang De over non-compliance with certain provisions of the NBFC-P2P directions, 2017.
In November 2024, RBI also asked for the details on the supply chain finance products offered by NBFCs in a bid to ensure compliance.
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